Caspian Pact Paves Way for Turkmen Gas Exports to Europe – Eventually

After close to 30 years of haggling over the legal status of the Caspian Sea, the five littoral states appear to have finally settled their differences and agreed on delineating their maritime borders. If finalized, the deal could pave the way for the export of Turkmenistan’s vast natural gas reserves to Europe.

Details of the agreement have not been released and some elements may only be finalized when the final text is signed next year by the heads of the five states: Russia, Kazakhstan, Turkmenistan, Iran and Azerbaijan.

“We have found solutions to all the remaining open, key issues related to the preparation of the draft Convention on the legal status of the Caspian Sea,” Russian Foreign Minister Sergey Lavrov said after a meeting with his Caspian counterparts in Moscow on December 5. “The text of the document is, in fact, ready.”